A Colorado city on Tuesday voted against a proposal that sought to ban fracking by a slim margin. 10,844 residents of the city of Loveland were against the measure while 9,942 residents were in favor of a ban on the controversial practice.
The city clerk Terry Andrews said that 44,839 ballots were sent via mail to voters, with 20,939 ballots being cast. This is roughly 50 percent of the city’s registered voters.
Colorado energy firms, which have always insisted banning hydraulic fracturing is against the state law, welcomed the decision. The state has filed lawsuits against various cities for banning or limiting fracking.
“I am delighted the people of Loveland have rejected the fear and misinformation sown throughout this campaign and have instead said yes to responsible energy development in their community,” Tisha Schuller, the CEO and President of the Colorado Oil & Gas Association, said.
A separate report found that shale crude oil in the U.S. contains volatile gases that creates logistic nightmares for transporters and makes it hard to process it into usable fuel. The oil obtained from the Bakken Shale formation in North Dakota was found to be extremely flammable by investigators who were analyzing explosions associated with train accidents over the last one year.
Industry experts also added their voice to the spin, saying the gases are also present in oil extracted from the Permian Basin and the Eagle Ford Shale in Texas and the Colorado’s Niobrara Shale formation, reported Wall Street Journal.
Refineries, which have benefited immensely from this oil, also known as ultralight, have expressed concerns that the oil is difficult to handle with the current facilities. They say that some of the oil isn’t even crude but a condensate; gas that turns liquid when it comes to the surface. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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